Tyler There is already a feature request for this. So not sure what to do at all. There are feature requests for these independently - lock tax year which includes cost basis used. Koinly is the easiest way to track your crypto activity and generate accurate tax reports! Currently the cost basis of fiats is not tracked like cryptos, but this would be very helpful. Amazing Customer Service ! Please send our gratitude for the kind compliment from your accountant! Click the Sign up button on the Koinly homepage. finder.com is an independent comparison platform and information service while all other features are the same and offered for all paid pricing models. Before you invest, you should get advice and decide whether the potential return outweighs the risks. For those who have been using bitcoin lending platforms such as Blockfi, YouHodler, NEXO, Compound, Celsius, Localized tax reports in more than 20 countries, Supports over 6000 cryptos and 350 exchangers, Expensive for traders that do high volumes per year. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Just detail in the specific transaction and find the cost basis Koinly calculated and adjust it as per necessary. It's been a tough couple of years, but it's now becoming more natural each and every day. No, Koinly does not share information with anyone. I did this multiple times - now Koinly is claiming my cost basis is $0 for the original XLM saying I need to pay the gains - is there any way I can correct this? While we are independent, we may receive compensation from We may receive compensation from our partners for placement of their products or services. This could mean that the market price that Koinly used for it when you bought this coin is wrong. In Australia, although it is referred to as Capital Gains Tax, there is no separate tax and any gains you make will be assessable income subject to Income Tax. The next step is to check all calculations to make sure everything is imported correctly. Access the central dashboard and link your exchange accounts and wallets. For more information, please see our Koinly uses recommended settings for the Home country that you selected when signing up. for a deposit txn of GN https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172. Requesting feature that shows only fiat cost basis that excludes crypto to crypto trades. Koinly allows for universal or Wallet-based cost tracking. Your capital is at risk. There are two options in Turbo Tax that look very similar to each other, and you're spot on that one of them is a completely different format. This is my 2nd year using Koinly and the product, although not perfect yet, it is the best for crypto/nft taxes and I've tried them all. The first thing you need to do is to import your transactions into the app. But it also admits that HMRC does not audit crypto tax software currently, meaning that HMRC will not accept Koinly reports. Register with your email or link your Google account. CaptainAltcoin.com 2022 - All Rights Reserved 6 articles in this collection Written by Robin Singh and Petur. Once we have your email we'll connect directly with you to successfully import your report!We look forward to hearing from you, Jason! Companies can ask for reviews via automatic invitations. and turned out I was tracking it that way mentally but according to FIFO the ones I already had were going out first. Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center. This is certainly a learning opportunity for us based on what you've shared here. My concern if this is true is that fast forward to 10 years from now some of us will will have so many transactions that it will be impossible to load . Hi Frederick, Thank you so much for flying with us for the past couple of years through the present day! thanks. These two had been sticking points before. 2) The same Coinbase Pro Wallet but this time with just API data. The contents of your crypto tax report include: Capital gains summary. Both have free plans, which makes it easy to try out each platform. Other transactions are messed up too. From your settings, Koinly will know the financial year you're reporting on - so from the 1st of July 2021 to the 30th of June 2022. is non alcoholic beer bad for your kidneys Currently the dashboard shows the total cost basis for your entire portfolio. Labeled Verified, theyre about genuine experiences.Learn more about other kinds of reviews. Email support is available only with the highest 2 tiers. Yes it's useful because you can calculte the true "all time" P&L / performance of your portfolio ! The percentage of Income Tax you'll pay is the same as your personal Income Tax rate, starting only from earnings above $18,201. How much does Koinly cost? Is there any chance that you can contact us at. I've tried many of these softwares and so far koinly seems to add it best, but it still has problems, especially for some bridged transactions. Reddit and its partners use cookies and similar technologies to provide you with a better experience. We also ensure all reviews are published without moderation. If you are I have a feeling it might be something to do with adding my cold wallets, it seems to be factoring in prices just for sending crypto from exchange to wallet, even when there was no trade. It's easy to use and accurate. A separate report displays the transactions you have tagged in these categories, which HMRC treats differently. After your import is finished, Koinly gets down to work of crunching numbers. . Supported wallets, exchanges, and services on Koinly. Chances are the cost-basis is really low. I had an similar issue of having my manually editted cost-basis not functioning correctly. Their development team is probably some hippies smoking all day, who dont know how to write a correct code. The dev team works their magic to make the UI intuitive and sophisticated. Koinly will then identify your cost basis, identify your taxable transactions and calculate your subsequent capital gains, losses and income - all in one easy to read tax summary (and totally . The UK treats gains from selling crypto the same as if you sold gold or property you can be liable for capital gains tax (CGT). And that's it. Thank you, Koinly. Special mentions to the two biggest rockstars; Mariia and Jack! Missing Cost Basis. Authentication via Google or Coinbase reduces the chances of a data breach. This was a very nice surprise, and gave me confidence beyond what I had expected. The main difference between the paid packages is in the number of transactions you can import. manually add up cost basis and proceeds then just input them into the csv. Yes, it is safe to connect Koinly to Coinbase or any other exchange since Koinly only requires read-only API rights to work. Access the central dashboard and link your exchange accounts and wallets. It is a real swiss-knife for crypto taxes. You can also register using a Coinbase account. Started with Koinly - I bought XLM on Coinbase and sent to Kucoin to sell for USDT then to buy XRP. This means that every purchase or selling of cryptocurrency is a taxable event which is known as a Capital Gains Tax and has to be paid in most countries such as the USA, UK, Canada, South Korea, etc. Koinly is the leading cryptocurrency tax calculator - what Binance is among crypto exchanges, Koinly is among crypto tax software. Please Edit to set the net worth of this Gift. unsure you should get independent advice before you apply for any My tax figures for the CSV were way out before noticing this, so it is abit of a concern. Written by Robin Singh . Network: Buy Bitcoins Instantly Using Debit/Credit Card, Buy Bitcoin Anonymously (without Verification or ID). My accountant has said it is highly sophisticated software. You can also register using a Coinbase account. Please note that some links on CaptainAltcoin.com are affiliate links. There needs to be a way to allow different settings per year (freeze / snapshot / lock?). If you dont trade much and want cheap plans, Koinly is a great choice. Arte has been a gem helping me getting my Binance transaction imported into the Koinly so I can proceed with my tax reports. Available in more than 20 countries, including the US, UK, Australia, New Zealand, Japan, South Korea, Singapore and most European countries. I think it is still the customer service department what makes the difference between different solutions for your needs. R . In this instance, $32,000 - $30,310 = $1,690. Extremely happy with the service. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. https://etherscan.io/tx/0x654d6702bd1fd7969851c36762c28b90f92c50be77e04b4b6d601c7713523172, https://etherscan.io/tx/0x04b7015052d4816b6b87a119dc505d0da466c56b001195e510502063c69907aa. Never before have I met such professional, knowledgeable and diligent staff. Transfer matching. Hi Jason, We're so sorry about the difficulty importing the CSV file into Turbo Tax. It covers every coin listed on CoinMarketCap and every token based on the Ethereum, BSC and Polygon chains. You're right that only Youtube videos aren't the full scope of what support is. Koinly lacks a tax-loss harvesting calculator. * $99 for 1,000 transactions. A consolidated report displays all your taxable gains in crypto. If you need a sophisticated tax solution, you likely have some level of crypto experience, but there are extensive support resources to support newcomers, and the interface is user-friendly. Your cost basis is now $30,310. This is similar to the Newbie plan but with a limit of 1,000 transactions. Date of experience: 28 January 2023. Has anyone got any advice on using Koinly and how to simple get the cost basis for all the coins I hold now. Hit refresh and then go to the Tax Reports page to see a brief overview of your capital gains and income. You may update the cost basis by clicking the 3 dots menu and then Edit on the right-hand side of the transaction, and then you can manually adjust the cost basis by clicking Set Net Worth on the edit transaction page. FIFO in 2021, LIFO in 2020, HIFO in 2019, etc. Or you can do a CSV file export from a wallet or exchange and import that CSV into Koinly. I have been using Koinly for tax purposes and to track all of my crypto transactions for two years. Crypto taxes are a fluid topic as more and more country regulators come to grips with it. They currently list 2 CPAs from USA and 8 from Ireland but the process of onboarding new tax professionals is continuous so the list will most probably grow with time. Prices are for a year. There is a record, the software is not pulling the info correctly. Ended up spending a lot of time talking with Aria, they took their time, was very patient and worked with me to correct my mistakes.They took away my nightmare and allow me to sleep again. Koinly is like an Excel sheet on steroids. Register with your email or link your Google account. It is just a tool that needs information from you in order to automatically generate your tax reports. None of it makes sense. All connections with the platform are encrypted, and Koinly uses Amazon Web Services (AWS), which has a strong record for security. We reviewed all of them and can safely say that crypto tax tools are a neck and neck race with all tools following each other in lockstep when it comes to features and pricing. Did you figure out how to deal with this? Hi Bernd, Thank you for sharing this review! We're grateful for the Koinly users that share their experiences with the Trustpilot and crypto communities. In the UK, HMRC uses share pooling rules to calculate your CGT. Pricing is also reasonable so I highly recommend anyone who needs assistance with their crypto tax return use Koinly. At least my experience with Artjoms was, when I had an issue with a tiny coin that wasn't listed in Koinly yet. The official subreddit for all things Koinly and crypto tax! ZenLedger includes a standalone tool for tax-loss harvesting in a spreadsheet. The limit is 3,000 transactions and theres email support included. We use dedicated people and clever technology to safeguard our platform. $578,101 or more. Supports multiple cost basis accounting methods; Wallet-specific cost tracking; Newbie: $49: 100: Everything in the free plan, plus: IRS forms 8949 and Schedule D; International tax reports . We'll connect with you through Trustpilot to ask about your contact info. ZA227007. Reddit and its partners use cookies and similar technologies to provide you with a better experience. In my experience, Koinly is a total waste of time. Hodler is basically the same as the Newbie tier, with the only exception being that you can import up to 1,000 crypto transactions rather than just 100. There are feature requests for these independently - lock tax year which includes cost basis used. I contacted support with my issues and got back to me promptly. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. For example.